The Senate has approved the upward review of the Ways and Means loan accessible to the Federal Government from five to 15 per cent.
The ways and Means is the money that the CBN lends to the Federal Government in the meantime to augment spending based on the time the revenue is generated within the same year.
At an emergency plenary, the senators argued that the amendment of the bill was to enable the Federal Government to meet its immediate and future obligations in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.
According to the CBN Act, the Ways and Means must not exceed five per cent of the previous year’s revenue.